Separating? Selling your Matrimonial Home?
Step 1: CALL YOUR FAMILY LAW LAWYER!
By: Justin Clark
Many people try to quickly sell their home in the aftermath of a separation. This is often motivated by a desire to avoid the tension that can exist and be created by continued joint cohabitation after a separation. It can also be motivated by financial considerations such as a desire to eliminate joint debts and household expenses as quickly as possible.
Many people proceed to sell their homes without first consulting with and obtaining advice from a family law lawyer and are surprised to learn about some of the issues that can arise from proceeding this way.
Several issues and considerations can arise, including but not limited to:
1. If children are involved, where will they live and what will the visitation schedule be? How will this impact where the children will attend school?
2. Where will you live? Will you rent or buy? Did you know that absent an agreement the net proceeds of sale will likely be held in trust by a real estate solicitor and may not be immediately available for your use?
3. If you are buying a new home and are borrowing funds, did you know that most lending institutions will require that a separation agreement is in place as a condition of financing, and that issues such as child or spousal support may need to be addressed first in order to obtain financing?
4. Even if you are renting new accommodations and are not borrowing funds we have seen cases where separation agreements have been requested by landlords as a condition for securing a rental accommodation.
5. How are you going to divide the household goods and contents on or before moving day?
6. Have you pre-maturely eliminated a potential option for resolving your matter later? This may be particularly important in processes such as Collaborative Family Law or Mediation where we seek to consider and assess all available options first, such that the best possible outcome can be obtained. Many have sold their home quickly only to discover later in the process that keeping the home may have actually been a realistic option.
Moving and the process of selling a home can be stressful at the best of times. By contacting a family law lawyer and making arrangements to consider and address the above issues at the earliest possible stage and prior to actually listing and selling your home, you can avoid unnecessary stress and conflict and ensure the best possible result.
Please contact us to discuss how we can assist you in addressing these issues.